Hacked Bay Area Patelco Credit Union says ‘your money is safe’

A Northern California-based credit union attempted to reassure its members that their money was “safe and secure” after a ransomware attack forced it to halt many major banking functions.

In a security update posted on its website Wednesday, Patelco Credit Union’s CEO, Erin Mendez, said “cyber security specialists have validated and greenlighted our core systems,” though they still did not anticipate having their systems up-and-running until next week.

The ransomware attack, reported June 29, forced Patelco to shut down electronic transfers, balance inquiries and direct deposits. The credit union was also forced to limit debit and credit card transactions for its members.

Cybersecurity professionals were still completing a larger “forensic investigation,” the update said, and Patelco said it would post more information when it became available. Mendez reminded members that while the security breach is being addressed, they can still use Venmo and PayPal if their credit union accounts were connected to those apps. A prior message also noted that members could withdraw cash from ATMs.

Patelco did not immediately respond to a request for additional information about the security breach on Thursday. The credit union serves nearly half-a-million people across Northern California, including in the Bay Area and Sacramento, and reports about $10 billion in assets.

“I know this continues to cause our members frustration and many of you have questions,” Mendez wrote in the statement. “We hear your concerns and are working around the clock to address them.”

Reach Joaquin Palomino: [email protected]